Centerpark, a fully-integrated developer, owner and operator of parking facilities known for converting traditional parking garages into modern mixed-use transportation and logistic centers, today announces the acquisition of two more assets in Midtown, adding 40,000 square feet of garage space to its growing portfolio.
Purchased from Muss Development for $8,250,000, the properties are currently leased by Icon Parking and are located at 58 West 58th Street and 222 East 58th Street in high-traffic districts with diverse parking demands. Newmark Vice Chairman Brian Ezratty represented both sides of the transaction and JLL Managing Director of Capital Markets Brett Rosenberg facilitated the loan from Valley National Bank.
Centerpark has taken a relatively contrarian position within the parking industry, investing heavily in Midtown at a time when other investors are waiting to see how post-pandemic office and transportation trends evolve. The New York-based company leverages deep market insight and proprietary technologies to optimize its assets and adapt in this changing climate.
“We know the demand generators in Midtown are diverse, particularly the 58th Street corridor, which services parking needs for housing, tourism, retail, entertainment, work and more. The long-term fundamentals are compelling to us,” said Gregg Reuben, Centerpark’s CEO. “We know the demand generators in Midtown are diverse, particularly the 58th Street corridor, which services parking needs for housing, tourism, retail, entertainment, work and more. The long-term fundamentals are compelling to us,” said Centerpark’s founder and CEO Gregg M. Reuben, who leads the firm along with principals Stefan Miller and Jared Baritz.
Located at the corner of Sixth Avenue, 58 West 58th Street is one block from Central Park, Carnegie Hall and over 3.75 million square feet of commercial, residential and hospitality amenities. The 33-story building comprises 168 residential units above two garage levels totaling 22,076 square feet and 120 individual spaces. The current tenant’s lease expires in June 2023, after which Centerpark will assume the space and begin operating.
222 East 58th Street is a 20-story building with 260 residential units and one garage level encompassing 16,152 square feet and 72 spaces. Situated between Midtown East and Lenox Hill, the property is situated in a prime location just one block from five million square feet of commercial, residential, hospitality, medical and cultural offerings. Icon Parking, the previous owner, has 15 years remaining on its lease.
With the acquisition of these properties Centerpark now owns and operates 20 garages in Manhattan, including a high concentration in and around Midtown. Over the past two years alone Centerpark has invested $100M in parking properties, including the launch of an innovative full-service private parking condominium at 301 East 69th Street where spaces are selling for $199,000 and up.
For more information about Centerpark, visit www.centerparkus.com.